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Statement by the Independent Bid Committee of Cherry AB in relation to the public offer from European Entertainment Intressenter BidCo AB
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The Independent Bid Committee of Cherry AB (publ) (“Cherry” or the “Company”) – STO: CHER-B.ST – recommends the shareholders to accept the public offer of SEK 87 in cash per share of series A and B in Cherry submitted by European Entertainment Intressenter BidCo AB[1] (”EE Intressenter” or the “Offeror”).
This statement is made by the Independent Bid Committee[2] of Cherry pursuant to Rule II.19 of the Nasdaq Stockholm Takeover Rules (the “Takeover Rules”).
Background
EE Intressenter, a company jointly controlled by a consortium consisting of Bridgepoint Advisers Limited acting as managers for and on behalf of the limited partnerships comprising the Bridgepoint Europe VI Fund (“Bridgepoint”), Prunus Avium Ltd, Klein Group AS, Audere Est Facere AS, Pontus Lindwall, Berkay Reyhan and Can Yilanlioglu (the “Consortium”), has today announced a public offer to the shareholders of Cherry to tender all shares in the Company not held by the Consortium to EE Intressenter for a consideration of SEK 87 in cash per share in Cherry (the “Offer”). EE Intressenter will not increase the price in the Offer. By this statement EE Intressenter cannot, in accordance with the Takeover Rules, increase the price in the Offer.
The total value of the Offer, based on all shares of series A and B in Cherry, corresponds to approximately SEK 9,193 million[3]. The Offer is fully financed through a combination of equity provided by Bridgepoint and the other members of the Consortium and debt financing provided by Ares Management Limited. The acceptance period for the Offer is expected to commence around 20 December 2018 and expire around 23 January 2019, subject to any extensions.
Completion of the Offer is conditional upon customary terms, including the Offer being accepted to such extent that EE Intressenter becomes the owner of more than 90 percent of the total number of outstanding shares in Cherry; that no other party announces an offer to acquire shares in Cherry on terms that are more favourable than the Offer to the shareholders in Cherry as well as receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions with respect to the Offer and the acquisition of Cherry, including from competition and gambling license authorities, in each case on terms which, in EE Intressenter’s opinion, are acceptable. Further information regarding the Offer is included in EE Intressenter’s press release, which is available at www.europeanentertainment.se.
EE Intressenter does not own any shares in Cherry at the time of announcement of the Offer, whereas the members of the Consortium own in aggregate 50,100,368 shares, corresponding to approximately 47.4 percent of the total number of shares and 37.9 percent of the total number of votes in the Company. Irrevocable undertakings to accept the Offer, subject to certain conditions, have been received from shareholders representing in total 12,298,332 shares, corresponding to approximately 11.6 percent of the total number of shares and 28.5 percent of the total number of votes in Cherry. In total, the Consortium thereby owns shares, or have secured commitments to accept the Offer, corresponding to 59.1 per cent of the capital and 66.5 per cent of the votes.
Given that Morten Klein, who is included in the Consortium, also is Chairman of the Board, an independent bid committee consisting of Gunnar Lind, Johan Moazed and Jörgen Olsson (the “Independent Bid Committee”) was appointed on 16 October 2018 and has since handled questions related to the Consortium and the Offer. Rolf Åkerlind was elected to the Board of Directors on 21 November 2018 and has since been part of the Independent Bid Committee.
The Independent Bid Committee of Cherry has, at the written request from the Consortium, permitted the Consortium to carry out a limited confirmatory due diligence review of Cherry in connection with the preparation of the Offer. The Consortium has not received any inside information regarding the Company during the due diligence process.
The Independent Bid Committee’s recommendation
In its evaluation of the Offer, the Independent Bid Committee has taken a number of factors into account which they deem relevant, including, but not limited to, the Company’s present strategic and financial position, prevailing market conditions and the Company’s expected future development as well as opportunities and risks related thereto.
The Independent Bid Committee has also considered the in-depth analysis conducted by the Company’s financial advisor Carnegie Investment Bank AB (publ) in connection with the Offer.
In particular, the Independent Bid Committee wishes to highlight the following considerations made in connection with their recommendation.
1. Considerations regarding bid premium
The offer represents a premium of 20.0 percent compared to the closing price of Cherry’s series B shares on Nasdaq Stockholm on 17 December 2018, the last trading day before the announcement of the Offer. The Independent Bid Committee notes that the bid premium of 20.0 percent is moderate compared to other announced bids on Nasdaq Stockholm in recent time.
However, the Independent Bid Committee also notes that the Offer corresponds to a premium of 28.0 percent compared to the volume-weighted average share price of Cherry’s series B shares on Nasdaq Stockholm during the last 90 trading days and 59.6 percent compared to the closing price on 15 October 2018, the day before the Board of Directors received the letter by which the Offeror presented its non-binding bid.
Since 15 October 2018, the Company has published its interim report for the third quarter, which was well received by shareholders and other investors. However, the Independent Bid Committee also notes that the upcoming regulation of the Swedish gambling market has led to an intensified discussion in the media and among investors about increased consolidation between market players, including companies such as Cherry. One example of announced such deals is William Hill’s bid on MRG on 31 October 2018.
It is the opinion of the Independent Bid Committee that the Company’s share price over a recent period of time has come to partially reflect the potential participation by the Company in a future consolidation. This has led the Independent Bid Committee to not only consider the bid premium based on the last closing price or an average calculated based on trading in recent weeks, but also bid premiums based on the trading during a longer period of time.
2. Views of existing shareholders
Several persons, including Morten Klein, that are currently active in the Company are also part of the Consortium and thus participate as bidders in the Offer.
At the same time, several shareholders, some of whom have a long ownership history and deep understanding of the Company’s operations and future prospects, have entered into commitments to accept the Offer, under certain conditions.
These owners, who together hold a total of 11.6 percent of the total number of shares and 28.5 percent of the total number of votes in Cherry, include among others Jonas Cederholm (CEO and co-founder of Game Lounge) and Fredrik Langeland (co-founder of Game Lounge) partly through Tykkox Investments Ltd, Per Hamberg and Lars Kling (founders of Cherry).
3. Changed conditions for listed iGaming companies in Sweden
Regulatory authorities in a number of countries, including Sweden, have decided upon or begun preparation for a regulation of the Swedish gambling market. Following such regulation, the industry will enter a new phase characterised by higher maturity. In light of the changing market environment, the market outlook for the next year is expected to be less predictable. This may result in more volatile earnings for Cherry, which is challenging in a public environment.
Also, the Independent Bid Committee notes that a number of reputable Swedish institutions have recently announced that they will distance themselves from the sector following changed investment mandates and new directives regarding sustainability. Consequently, the Independent Bid Committee believes that access to institutional capital for iGaming companies listed in Sweden will decrease, which in turn means that it will be harder to effectively finance the business as a listed company.
4. Fairness opinion by KPMG
In accordance with Section III.3 of the Takeover Rules the Independent Bid Committee has engaged KPMG to issue a so-called fairness opinion regarding the Offer.
In relation to its engagement, KPMG has received detailed information about the Company’s financial position and future strategy which has been supplemented with interviews with representatives of the Company. KPMG has conducted an extensive valuation exercise for each of the Company’s subsidiaries and compiled this analysis in a valuation statement regarding the Company as a whole.
According to the fairness opinion, which is attached to this press release, the Offer is fair to Cherry’s shareholders from a financial point of view.
5. Impact on the Company and its employees
Pursuant to Section II.19 of the Takeover Rules, the Independent Bid Committee shall, based on the statements made by EE Intressenter in the Offer press release issued earlier today, present its opinion regarding the impact that the implementation of the Offer will have on the Company, particularly in terms of employment, and its opinion regarding the Consortium’s strategic plans for the Company and the effects it is anticipated that such plans will have on employment and on the places in which Cherry conducts its business.
In this respect, the Independent Bid Committee notes that EE Intressenter states in the press release regarding the Offer that the members of the Consortium believe that Cherry will be able to maximise value by focusing on driving the performance of the individual business units rather than managing the combined entity as a publicly listed company. Further it is stated that Bridgepoint and the other members of the Consortium place great value on Cherry’s management and employees and expect that the Offer will support continued growth and create long-term positive effects Cherry and its employees, customers and other stakeholders impacted by the operations of Cherry. EE Intressenter has not made any resolutions that are expected to cause the Offer to have an impact on Cherry’s or EE Intressenter’s organisations, management teams or employees, including their terms of employment, or on the locations of Cherry’s or EE Intressenter’s operations.
The Independent Bid Committee assumes that this description is correct and has no reason to take a different view in this respect. Thus, it is the assessment of the Independent Bid Committee that the Offeror would be a good owner of the Company in the coming years, which has been taken into consideration in the decision on a recommendation.
Based on the above, the Independent Bid Committee recommends the shareholders in Cherry to accept the Offer. The decision was taken with a unanimous vote by the Directors appointed by the General Meeting of Cherry. The employee representative abstained his vote.
This statement shall in all respects be governed by and construed in accordance with Swedish law. Disputes arising from this statement shall be settled exclusively by Swedish courts.
Carnegie Investment Bank AB (publ) is acting as financial adviser and Advokatfirman Delphi is acting as legal adviser to Cherry in connection with the Offer.
Cherry AB (publ)
The Independent Bid Committee
[1] Under name change from Goldcup 17805 AB
[2] The board member Morten Klein has not participated in the Board of Directors’ evaluation of or discussions regarding the Offer due to a conflict of interest
[3] Based on 105,668,026 shares. If Cherry, prior to settlement of the Offer, pays dividend or makes any other value transfer to shareholders, the Offer as set out above will be reduced accordingly
CHERRY IN BRIEF
Cherry is an innovative and fast-growing gaming company with operations in gaming, media and entertainment. The company was founded in 1963 and today, Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The Group’s objective is to grow organically in combination with strategic acquisitions of fast-growing companies. On 30 September, Cherry employed some 865 people and had about 9,325 shareholders. The company’s class B share is listed on the Nasdaq Stockholm exchange, Mid Cap segment. More information is available at www.cherry.se.
Source: Latest News on European Gaming Media Network
Reading Time: 3 minutes
GIANTX launches iTero Standalone — the new and improved version of its AI-powered coaching tool already used by more than half a million players worldwide
If you’ve ever thrown a game because of a bad draft, missed rotations, or your jungler vanished before minute three, there’s now an app that might finally help you clean up your gameplay: iTero.
Developed by the global esports organization GIANTX, the new version of its artificial intelligence training tool —iTero Standalone— arrives with a clear mission: to help players level up their League of Legends performance once and for all.
The new version is fully independent and available for direct download, offering faster performance, better precision, and a smoother overall experience. Lighter, smarter, and more stable, iTero Standalone represents the next step in the evolution of GIANTX’s technology ecosystem, with full control over development and updates.
Founded by Jack Joseph Williams in 2022 and acquired by GIANTX in 2024, iTero Gaming has been developing and refining AI-driven coaching systems for both casual and professional players. Its first virtual coach was designed to enhance the League of Legends experience -developed by Riot Games- by analyzing millions of real matches every patch to deliver personalized recommendations, from strategic macro decisions to champion select choices.
With over 500,000 downloads worldwide, iTero has become one of the most popular performance tools among players of all skill levels. With the release of iTero Standalone, it now aims to become the leading AI coaching platform for gamers.
Five Ways iTero Actually Helps You Get Better at League of Legends
1. It tells you what to pick — and why.
The AI analyzes your team’s and the enemy’s composition to recommend the champion that has the highest chance of winning that game, based on your stats and the current meta. No more questionable picks.
2. And what Build to choose!
After helping you pick the best Champion for the game, the AI also analyzes the enemy composition to decide what the best items, runes, and summoners to take for that specific game. That even includes checking whether anti-heal or anti-shield items are efficient enough to buy!
3. It reviews your matches like a real coach.
After each session, the AI gives data-driven feedback on your macro performance throughout the game and identifies areas you performed well on, and what you struggled with. After ten games, you unlock the AI Macro Coach, which compares your stats with players of your same rank and shows where you’re consistently falling behind.
4. It provides actionable insights about the players in your lobby.
Using its unique data the Scouting Tool provides you with all the information you need to know whilst loading into a game, whether that’s learning that the enemy support loves to invade, your Jungler likes to spend their early game power-farming, or that your lane opponent plays aggressively.
5. All the overlays you expect, and more.
From tracking the gold difference, timing your inhibitor respawns, or quickly checking who has the Baron buff, iTero has every overlay you need to stay on top of your solo queue games.
A New Chapter in the GIANTX Ecosystem
The launch of iTero Standalone reinforces GIANTX’s commitment to technological innovation and expands its presence beyond competition, driving the creation of useful, data-powered products for the gaming and esports community. The organization also practices what it preaches: GIANTX’s performance department already uses AI-based tools to scout talent and support decision-making at the highest competitive level.
With this new version of iTero, GIANTX strengthens its leadership at the intersection of technology, artificial intelligence, and performance, paving the way for a new generation of smarter training in League of Legends —a title that averaged nearly 30 million active players in September 2025 alone.
The post The App You Need to Download if You’re Tired of Throwing in League of Legends appeared first on European Gaming Industry News.
Reading Time: 2 minutes
Developer of slots with a German accent integrates 43 games with German top operator
Apparat Gaming, the developer of slot games with a German accent, has added yet another big-name operator to its growing list of partners by entering into a partnership with bwin.
Under the agreement, 43 of Apparat Gaming’s unique slots are made available to players of the award-winning online casino brand bwin.
The operator, which belongs to the Entain Group, has now one of the largest Apparat portfolios on the German market online since November, with 43 of the currently 54 Apparat games eligible for approval under German regulations.
The timing for the partnership couldn’t be better, as bwin was one of the major brands sorely missing from Apparat’s customer list for the German market. The addition of Apparat slots to bwin’s gaming lobby will help position the operator in its fight for German market leadership.
Founded just five years ago, Apparat is one of the up-and-coming game developers in regulated markets due to its German approach to development, with a focus on quality, engineering and providing plenty of Augenweide (eye candy) with absolutely no sense of humour(!) to ensure a superior player experience across its games.
This includes titles such as Total Eclipse XXL, 5 Moon Wolf, Fishin’ the Biggest or Gates of Ishtar. The partnership will also include the missing as well as all of Apparat’s future slot releases like the next release, Piggy Balloons.
Martin Frindt, Chief Product Partnership at Apparat Gaming, said: “It’s great to see that bwin understands the language we speak, even though the casino team is made up of Austrians, and has opted to add our slots with a German accent to its game lobby.”
“We now just hope that the German regulator GGL will approve the remaining games as soon as possible.”
Wanja Richter, Director of Gaming North and Central Europe at Entain, added: “Providing players with access to the best content in the business is a major part of our success story to date, and to be able to offer German players slots that have been developed by Apparat Gaming and that truly capture the essence of Germany is a slam dunk for us.”
“We are happy to finally be working with Apparat and hope to get their upcoming games content approved as quickly as possible!”
The post Winning Partnership: Apparat live on bwin in all-German content deal appeared first on European Gaming Industry News.
The iGaming industry has evolved far beyond spinning reels and flashy win screens. Today, it’s a rapidly shifting space where player expectations define innovation. Creativity, data, and emotional design have become central to building not just games — but experiences.
We sat down with Gabor, Chief Product Officer at DreamPlay, to discuss what modern slot development really means, how ideas transform into products, and why the future belongs not to games that are simply entertaining — but to those that resonate.
What makes a slot competitive today — math, visuals, gameplay, or a combination of factors? And which matters most?
Gabor: A great game is like an orchestra: you need every instrument playing in harmony or the whole thing falls apart.
The math and design are the heart and soul of every game — without them, even the best art is just a pretty face. Today’s players also expect to be entertained: strong pacing, polished audiovisuals, and features that feel meaningful, not gimmicky.
I always say that one of the challenges of creating great slots is that you have to be able to tell a whole story just through a push of the button — making them feel exciting while being simple and smooth for the player, but this means a lot of complexity for the creator.
So the real magic happens when everything clicks together. The best slots feel effortless, but behind that effortlessness is a very deliberate balance of math, flow, visuals, and just the right level of innovation.”
When working on a new release, what helps you shape the product vision before development even begins?
Gabor: Ideas can come from anywhere – a family vacation, a conversation, a movie, a meme, pretty much anything you can think of.
Creativity thrives when everyone on the team can chip in with their own ideas – we actively encourage that.
But inspiration alone isn’t enough. Every game needs a clear purpose. Is it pushing boundaries? Refreshing a classic theme? Continuing a successful series? We always start by defining the ‘why.’
Then we let data and experience meet in the middle. When the numbers support the idea and our collective instincts say ‘yes, this will work,’ that’s when a concept becomes a vision worth building.”
Do you see potential for an even closer integration of video games and slots, or are they still two different markets?
Gabor:There’s definitely potential — and honestly, the two worlds have been borrowing from each other for years. iGaming has embraced progression systems, more complex storytelling, achievements… while video games picked up loot boxes and other elements from gambling.
They will never fully merge, because the motivations and regulations are different, but there is clearly much more overlap than 10–15 years ago when these two industries were completely different. Today’s players grew up with games that blend entertainment, challenge, psychology, and reward, and they
expect a different form of entertainment than previous generations.
So we’re moving from ‘old-school gambling’ toward ‘interactive entertainment with a gambling core.’ And that trend will only continue.
Is the industry truly ready for bold experimentation, or does it still prefer playing safe?
Gabor: This is where it gets interesting. The industry loves talking about innovation and bold ideas – but in reality, the audience is still quite conservative. Most players enjoy evolution, not revolution.
We’ve seen a few big hits like Megaways and crash games, but they didn’t throw the core DNA of gambling out the window. These mechanics are mainly focused on enhanced entertainment value and presentation.
So yes, there’s room to experiment, but true format-breaking innovations tend to become niche and usually struggle to gain wider traction. The sweet spot is pushing boundaries without losing the essence of why players show up in the first place.”
What was your first step in iGaming, and when did you realize this was your industry?
Gabor: My start was completely unplanned. I moved to Israel from Hungary at 26, didn’t speak Hebrew yet, and was looking for any English-speaking job. A friend worked at an online casino, said they were hiring, and I thought, ‘Perfect, something temporary to help me get settled, I will find a proper job once my Hebrew improves.”
I have never even tried finding a ‘proper job’ afterward. That ‘temporary’ role turned into a 15+ year career across multiple countries, teams, and roles across casino management and game production — and I’ve loved every minute of it.
This industry is fast, sometimes (often) chaotic, but full of brilliant people and challenges that keep you sharp. Even after all these years, I still wake up excited about what we’re building. It’s hard to imagine doing anything else at this point.”
Final Takeaway
The iGaming industry continues its transformation — not just technologically, but emotionally. As Gabor pointed out throughout our conversation, the future belongs not to those who release the most games, but to those who understand what players truly feel.
We’re seeing a shift toward more immersive, meaningful experiences — where design, psychology, and data work together to create lasting engagement.
And it’s leaders like Gabor — and companies like DreamPlay — who are moving the industry forward, proving that innovation isn’t just about features or mechanics… it’s about connection.
Dream Play’s most recent releases and upcoming products here:
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